ISOLAS partner calls for global regulatory framework for crypto

ISOLAS partner Joey Garcia called for global regulatory frameworks for cryptocurrency at a recent UN meeting.

At the United Nations Office on Drugs and Crime (UNODC) Cryptocurrencies Working Group meeting, supported and sponsored by the government of Japan, Garcia moderated sessions on cryptocurrency trading platforms and exchanges with panellists from Coinbase, Binance, Bitfiniex, CEX.io, and LocalBitcoins, as well as the session for Blockchain Analytics solutions which included Chainalysis, Coinfirm, Elliptic, Ciphertrace, and Merkle Science.

He said: “Cryptocurrencies are set to keep transforming the international financial services sector with recent initiatives such as the JP Morgan and Facebook Libra projects escalating those discussions. Benefits will no doubt be wide-ranging, however a robust and appropriate regulatory framework that is purpose built is key to facilitating this growth.

“Having new technology operate within legacy frameworks can create a number of issues and easily stifle innovation. At the same time, no regulation or basic registration requirements can have the opposite effect and bring the wrong players into the market.

“Panels and groups, where experts from across the world gather to share and refine ideas, are crucial, and it is exciting to be able to help shape future policy like this.

“This meeting also highlighted the importance of global co-operation as we continue to discuss the next steps for the international community in this space.”

For more news, guides, and cryptocurrency analysis, click here.